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I started this company two years ago and we’ve launched a unique product for Android devs. Everything seemed to be moving towards a good direction: great co-founders, encouraging customer feedback, healthy services revenue. Things seemed particularly good when a big company knocked the door with an interest for acquisition. All of the sudden things fell through. I made a mistake in my financial numbers after hiring a new developer. Two projects that were supposed to kick off last week suddenly both went dark -- I’m basically running out of money in 2 months. The co-founder told me that he would have to find a job in two months if we can’t make a living on this. I don’t blame him. He’s a good person and has helped me in many ways. I blame myself for poor planning and being overly optimistic (although I suppose, as entrepreneurs, we need to be optimistic in difficult situations?).
The funny thing is that we don’t need a lot to survive. A $20K would buy me a few more months to fix up things. I’ll talk to the bank tomorrow to see if we could get a loan of some sort. I’ll keep making new releases of the product and keep finding customers. I’ll keep looking for projects. I’ll do whatever it takes to make it work.
I’d appreciate any suggestions, comments and critics. What would you do if you were in my position? If you know anyone who needs Android dev, I’d be happy to help. Our main area is Android, but we can do general Java dev, Haskell, Ruby, and web dev (not as experienced as in Android). Thanks for reading!
BTW: I’m posting on a new account as I still want the company to look good in public. I’d appreciate your understanding.
I'm in no position to help you (sorry) but it sounds you could keep the company in life support by focusing on consulting - you'd be better off looking for referrals from your network.
If you have a "healthy services revenue", I guess a bank loan isn't out of the question, but you have to get a plan in place on how you're going to pay it.
Try not to stress too much, I know it's not easy. Maybe looking for alternatives and having a fallback plan will make you sleep easier (get a commitment/offer to hire you from someone?). Paying back 20k doesn't sound like the end of the world, neither does going back to a job. Can the project be put on hold while you build up some money? (I guess you'll have to fire your employees and that must suck) Can you maintain the project while you work a job to sustain it?
I wish you good luck, and take care of yourself first. The money issues can be fixed, health problems aren't that easy.
Thanks for the kind words, GFischer! I'll try to keep my life balanced. It's just become a bit difficult lately. Hope you all the best!
Lets exchange email and talk, maybe we can help each other out.
Thanks John! Could I please have your email address?
Why can't you lay off any employees?
I know thats a shitty thing to do but it seems like your best choice.
Because I can't. I made personal commitments to them that we had the money to pay them, due to my faulty financial numbers of course. I feel particularly bad to break my personal promises...
I definitely learned a lesson though.
Are you being serious? IF you can't afford the developer you HAVE TO lay them off, give them an extra week's severance pay or whatever, but give them and yourself a chance to move forward
Sure if I absolutely can't pay them, that's what I have to do. But I'm just trying to make it work. I'm trying to squeeze all possibilities in the final month or so to make it work for everyone.
Please read this (patio11 and Thomas Ptacek comments):
https://news.ycombinator.com/item?id=7140231
There are also very valuable advices from both in another thread, I'll keep trying to find it.
Thanks for the link man. I've read and re-read those comments. That's a goldmine of great advice. Thanks again!
I’m posting on a new account as I still want the company to look good in public.
Why?
Thanks for replying. This is because I don't want the company to have a public "almost-broken" tag and I still have high hope in what we are doing.
Does that make sense?
The point is that it is horrible that it is even needed.